EUR/USD Update 2021.02.08
Most Likely Direction: Down
Reason: Triangle broken to the downside on 1st Feb 2021; currently retesting the lower part of the triangle @ 1.2060, which should be acting as a resistance.
Alternative Direction: Up
Reason: Weaker USD due to worse than expected job data from the US.
A close above the triangle might signal a confirmation of the upward movement which started on Friday 5 Feb 2021.
Reason: Triangle broken to the downside on 1st Feb 2021; currently retesting the lower part of the triangle @ 1.2060, which should be acting as a resistance.
Alternative Direction: Up
Reason: Weaker USD due to worse than expected job data from the US.
A close above the triangle might signal a confirmation of the upward movement which started on Friday 5 Feb 2021.
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